Local view for "http://purl.org/linkedpolitics/eu/plenary/2000-02-17-Speech-4-019"
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"en.20000217.2.4-019"2
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"Mr President, the UCITS directive has been an enormous success since it entered into force on 1 October 1989, mainly thanks to the excellent protection which it offers investors. The directive and the reputation which UCITS enjoy with investors have allowed the investment fund industry to multiply its assets in the European Union fivefold.
There has been a strong increase in cross-border marketing of investments within the European Union and the directive itself is used as a model for legislation throughout the world. However, the directive is ten years old and, now that the markets have developed and more and more sophisticated financial products are available, it is somewhat outdated.
The Commission proposals being debated here will give it the face-lift it needs. I share some of the concerns expressed here, especially by Mr García-Margallo y Marfil, but this face-lift would be even more successful if the funds which simply reproduce a stock exchange index, and which are therefore managed either passively or not at all, and the funds which use an index as a benchmark for an actively-managed fund were treated in the same way, if only to allow medium-sized undertakings listed on the stock exchange but not included in the stock exchange index better access to the capital market. In addition, investors often have better protection with an actively-managed fund. My Amendment No 47 is therefore a warning for amateurs.
As far as the proposal for a new provision limiting investments in the same group to 15% is concerned, I would like to stress that, apart from the fact that this limit is too low, the text does not define the concept of a group. This concept does not exist under European law because it is impossible to implement and equally impossible to control in practice.
I shall therefore vote against this proposed amendment. To conclude, Mr President, allow me to remind the House that the directive needs a makeover which will make UCITS even more attractive, but it does not need to be strapped into a European corset which will squeeze the life out of it."@en1
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